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[[File:Flag of Russia.png|right|thumbnail|250px|The flag of [[Russia]] ]]

[[File:Flag of Russia.png|right|thumbnail|250px|The flag of [[Russia]] ]]

Russian [[GDP]] nominally rose more than any [[G7]] country in 2023. The average Russian household ended the year with about 18% more money in the [[bank]] than a year earlier. Sberbank, Russia’s largest state-controlled bank, posted a 5.5-fold year-on-year net profit jump to a record high of 1.5 trillion rubles (USD $16.3 billion). The defense industry employs 3.5 million people and many factories have doubled their workforce since the beginning of the [[SMO]]. The economic boom is result of defense [[stimulus]] spending, [[Keynesian economics]], a government [[deficit]]s.

Russian [[GDP]] nominally rose more than any [[G7]] country in 2023. The average Russian household ended the year with about 18% more money in the [[bank]] than a year earlier. Sberbank, Russia's largest state-controlled bank, posted a 5.5-fold year-on-year net profit jump to a record high of 1.5 trillion rubles (US$16.3 billion). The defense industry employs 3.5 million people and many factories have doubled their workforce since the beginning of the [[SMO]]. The economic boom is result of defense [[stimulus]] spending, [[Keynesian economics]], a government [[deficit]]s.

== Russia's labor crisis ==

== Russia's labor crisis ==

Labour productivity data for 2023 will not be published until late-2024, but the authorities' warnings about manpower shortages suggest there was no rebound in that figure last year.<ref>[https://www.reuters.com/world/europe/russias-gdp-boost-military-spending-belies-wider-economic-woes-2024-02-07/ Russia's GDP boost from military spending belies wider economic woes], Reuters, February 7, 2024</ref>}}

Labour productivity data for 2023 will not be published until late-2024, but the authorities' warnings about manpower shortages suggest there was no rebound in that figure last year.<ref>[https://www.reuters.com/world/europe/russias-gdp-boost-military-spending-belies-wider-economic-woes-2024-02-07/ Russia's GDP boost from military spending belies wider economic woes], Reuters, February 7, 2024</ref>}}

The RBC Group, a Russian media group headquartered in Moscow, reported on December 4, 2023 in their article ''Experts estimate the level of Russian GDP losses due to personnel shortages'':

The RBC Group, a Russian media group headquartered in Moscow, reported on December 4, 2023, in their article ''Experts estimate the level of Russian GDP losses due to personnel shortages'':

{{Cquote|According to experts, in order to eliminate the deficit, it will be necessary to achieve labor productivity growth of at least 2.4% per year - this is twice as fast as the historical level (the average rate over the last ten years is 1.2%) and higher than the forecast (for 2023-2026 it does not exceed 2%). Over the period since 2018, the maximum increase in productivity was observed in 2021 (3.7%), last year it fell by 3.6%.

{{Cquote|According to experts, in order to eliminate the deficit, it will be necessary to achieve labor productivity growth of at least 2.4% per year - this is twice as fast as the historical level (the average rate over the last ten years is 1.2%) and higher than the forecast (for 2023-2026 it does not exceed 2%). Over the period since 2018, the maximum increase in productivity was observed in 2021 (3.7%), last year it fell by 3.6%.

[[File:Bankruptcy.jpg|thumbnail|400px|right|Russia has seen a sharp spike in corporate bankruptcies, according to a report that comes as Vladimir Putin looks to tax companies more to pay for his social program and the sanctions-hit economy continues to face turbulence.<ref>[https://www.newsweek.com/russia-bankruptcies-economy-kommersant-1876806 Russia Hit By Tsunami of Bankruptcies], Newsweek, March 7, 2024</ref>]]

[[File:Bankruptcy.jpg|thumbnail|400px|right|Russia has seen a sharp spike in corporate bankruptcies, according to a report that comes as Vladimir Putin looks to tax companies more to pay for his social program and the sanctions-hit economy continues to face turbulence.<ref>[https://www.newsweek.com/russia-bankruptcies-economy-kommersant-1876806 Russia Hit By Tsunami of Bankruptcies], Newsweek, March 7, 2024</ref>]]

On March 7, 2024 Newsweek reported:

On March 7, 2024, Newsweek reported:

{{Cquote|Russia has seen a sharp spike in corporate bankruptcies, according to a report that comes as Vladimir Putin looks to tax companies more to pay for his social program and the sanctions-hit economy continues to face turbulence.

{{Cquote|Russia has seen a sharp spike in corporate bankruptcies, according to a report that comes as Vladimir Putin looks to tax companies more to pay for his social program and the sanctions-hit economy continues to face turbulence.

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[[Category: Russia]]

[[Category:Russia]]

[[Category: Economics]]

[[Category:Economics]]